FLOKI (FLOKI) Skyrockets 23% Amid Surging Social Sentiment: Is a New ATH on the Horizon?

  • FLOKI has seen its price soar by over 23% in 24 hours as social sentiment grows and trading bot fuels bullish sentiment.
  • The memecoin is benefitting from a newly introduced trading bot.
  • FLOKI is looking to retest its previous ATH amid a sustained bullish rally.

Discover the latest surge in FLOKI’s price, driven by innovative trading bots and strong social sentiment. Read on for detailed insights and future outlook.

FLOKI Trading Bots, Coinbase Influence Impact

More than one fundamental is driving the FLOKI price at this time. One of the biggest is the new initiative the FLOKI developers introduced, featuring trading bots. The design of the trading bot was launched on Telegram and will serve Floki holders on the BNB Chain network. The goal is to ensure this bot drives the demand for the tokens through ease of access or purchase. However, the FLOKI trading bot charges 1% on every transaction it conducts.

As highlighted, 50% of the transaction fees collected will be used in buying back FLOKI on the open market. In the memecoin world where tokens have a very large circulating supply, developing a strategic measure to take away these supplies is essential in determining its future growth prospects.

Token Burning and Supply Management

Token burning is one of the major avenues projects like Shiba Inu (SHIB) and FLOKI get rid of their excess supply. As reported earlier by CoinOtag, FLOKI recently burnt as many as 15 billion tokens following approval by the Floki DAO. This strategic move is aimed at reducing the circulating supply, thereby potentially increasing the token’s value over time.

One other major trend driving the popularity of FLOKI is its recent listing on Coinbase Perpetuals. Coinbase is recognized as the biggest crypto trading platform in the United States, making the listing a major validation.

Drive to All Time High

One major trend is defining the motive for the current rally of the memecoin project and it is correlated to the desire to retest its All-Time High (ATH) price. This ATH is currently pegged at $0.0003437, with the token just about 17% below the mark.

Should the FLOKI social sentiments which have pushed it to the top of the charts on exchanges like Coinbase be sustained, adding 17% in the coming weeks might be a reality. While Floki is pressing to retest a new ATH, rivals like PEPE have surpassed multiple all-time highs this month as the memecoin market gets a major boost overall.

Conclusion

In conclusion, the recent surge in FLOKI’s price is driven by a combination of innovative trading bots, strategic token burning, and significant listings on major exchanges like Coinbase. These factors collectively contribute to the growing bullish sentiment around the memecoin. As FLOKI aims to retest its previous ATH, the sustained social sentiment and strategic measures could pave the way for further growth. Investors should keep an eye on these developments as they unfold.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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